“Credit unions need to work together”

Speaking after ABCUL’s Annual Conference last month – which was one of the largest and most successful ever held by the Association – Mark told Co-operative News of the importance of credit unions working together, whether to provide a clear voice to Government and regulators, or to develop products which meet the expectations of modern consumers.

Referring to ABCUL’s successful recent efforts to persuade the Prudential Regulation Authority to amend some of the detrimental proposed reforms to credit union regulation, Mark said: “That’s another good example of where credit unions need to work together – because even a very large credit union’s voice is not going to be as powerful as many credit unions speaking together. It is another example of why being a co-op – ABCUL is a co-op owned by its members – is a good way to organise a trade association.”

Mark also spoke about the importance of credit unions working together to improve their products and services, including through ABCUL’s subsidiary, Cornerstone Mutual Services. He said: “Credit unions in other parts of the world co-operate as co-ops. Where credit unions do that well, their market share is higher.”

Continuing the theme of looking to international examples of co-operation and good practice, Mark looked ahead to this summer’s World Credit Union Conference, which is being held in Belfast from 17 to 20 July.

Mark said: “It’s a huge opportunity for learning. Whenever our credit unions from Britain have been to those conferences they’ve found it an incredibly exciting opportunity.”